Make Me Rich For A Job

MSE_Martin

Whenever there's a job available in MS Towers its always posted on here and in the tip (unless its a very technical one). Keep your eyes open

tubster

Martin/MSEs

I think there is real scope for a whole new industry of local advisors to help people save money in an everyday way, as opposed to big investment and mortgage decisions. Here's some thoughts. I think a lot of experienced moneysavers could provide the service locally for people who can't or won't trawl the websites for information. It could be a basic couple of hours, going through the basics (gas, electricity, mortgage, shopping) or a even a whole day doing some more in depth work. Anything complicated should be referred to specialists (ie phone number given of commission free brokers etc). The big issue is how to protect people from scamsters etc - as far as I know, there is no law that says you need any qualification whatsoever to give financial advice - as long as you don't call yourself an 'independent financial advisor' which is regulated - but maybe some others know different.
People could become 'Independent Saving Experts' or something. The whole thing could be done under licence, controlled by Martin's company for example, which would give some training and publicity materials in exchange for some kind of payment, and be able to look into any complaints about the service.

To make it safer there would be some iron laws of money saving - you only give suggestions, never actually make calls or fill out the paperwork, so people can think about it; you give written pros and cons to changing (time involved, service standards might change etc); advice should be based on up to date information from moneysavingexpert.com and charges should be fixed. This could be so much an hour, or a percentage of money saved up to a fixed amount. If it was the latter, a days work analysing someone's bills might cost someone nothing if you can't find any savings; £50 if you find £500 worth over a year; or, say, £100 if you find savings any better than £1000 a year, so no-one pays more than £100. You only benefit from real savings so it is effectively free for the client. They could get Martin's book thrown in!
I think this could be a really good service for poorer people who would never see a financial advisor. It would be very satisfying part time work for some people. It could even be done via email, if people fill in an online questionnaire. But it would be a whole new ball game for Martin and MSE.com - a personal service wing of the empire :rolleyes:

I don't know how this fits in with the ethos of Martin or the site, as I am relatively new here, but there may be a real need for this kind of work. I guess there is nothing stopping anyone going it alone and trying out a makeover on friends and family - if you are any good, word of mouth recommendations will soon follow.

Tubster

lky2k23

Tubster your spot on with your thinking there and its what I was going for as well. Martin could do courses and we could be his little helpers lol.

I think your right as well it would be very rewarding job to do for people.

Not sure if Martin is around to see this still but it could be a money maker for you as well thousands of people would want to learn more from you..

lky2k23

although I know he isnt really in it for the money.

System

I think there is real scope for a whole new industry of local advisors to help people save money in an everyday way, as opposed to big investment and mortgage decisions. Here's some thoughts. I think a lot of experienced moneysavers could provide the service locally for people who can't or won't trawl the websites for information.

Theres nothing stopping us passing on information that we have gained from here to the people we meet. Twice today i have sung the virtues of Marks and Spencer Pet Insurance which i found was loads better and cheaper than Petplan. Of course you have to be careful how it comes over, cause you dont want to come over as a know all and you also have to remind them to do their own research as what is good for me, isnt necessarily good for someone else.

My eldest children all have copies of martins book - its up to them what they do with the information, but i have provided them with a gateway to better financial security. This i class as 'love in action'.

MSE_Martin

It's a very interesting plan, it's actually one i've discussed with politicians. A national centre of money advisers looking after the basics. The funding is an issue, but in some ways its an extention of CAB type services.

Me getting involved makes it difficult as im prescriptive. For example i've discussed with a number of debt counselling agencies going in to meet their advisers and go through the credit card shuffle as its is a step missed in the debt counselling process, but there are compliance and 'advice' type issues which means they can't.

Also could you really charge people for money saving. Part of my idea is to teach people to help themselves, not do it for them, as this is important. The book is meant to be a MS course.

One idea i did have was a bank of volunteers on the phone to help, possibly i could fund a freephone number (or real local rate number) to do it with so people could call up and chat it through, yet the liability issues are enormous

Martin

tubster

The funding is an issue, but in some ways its an extention of CAB type services.
Me getting involved makes it difficult as im prescriptive. For example i've discussed with a number of debt counselling agencies going in to meet their advisers and go through the credit card shuffle as its is a step missed in the debt counselling process, but there are compliance and 'advice' type issues which means they can't.

Funding is certainly the issue - which is why I suggest charging a small amount to make it self sufficient. However, there are other models - you could set up a charity and get funding from trusts/government/banks(!) and operate independently, which might get round the problems you run into with other organisations who have to be seen to be impartial etc. You might find there is industry conscience money available and political interest as the country sinks into record debt. The MSEs could have a sponsored day of moneysaving - 10p for each £1 saved goes to the charity, which employs or supports more MSEs.

By the time it gets to debt counselling, it seems to me that it is far, far too late. We need to get in there earlier - school children, makeover stalls at supermarkets, that sort of thing. I hesitate to write this given Martin's media aspirations, but we need a Jamie Oliver of debt

Also could you really charge people for money saving. Part of my idea is to teach people to help themselves, not do it for them, as this is important. The book is meant to be a MS course.

Teaching could be part of the package, as could your book. But some people can't read very well, and may need other, more personal ways to learn. Charging is a debatable issue for sure. Sometimes people take something for nothing less seriously, or feel reluctant to get handouts. You might ask for a donation depending on circumstances. Or offer it free, but you will need some proper funding, because counselling and helpline work is hard work, and I think people will need to be paid. Setting up a volunteer system might work, but it is still very resource intensive to organise. You might have some full/part time paid advisors and trainers, and some local volunteer groups that would be supported by them. There are lots of different voluntary sector models for this kind of structure.

One idea i did have was a bank of volunteers on the phone to help, possibly i could fund a freephone number (or real local rate number) to do it with so people could call up and chat it through, yet the liability issues are enormous

A phone based idea is great, because it is so accessible. Are the liability issues any different to your articles on the website, if you give the same warnings on the phone as you have online?

Maybe verbal warnings are more difficult to consider carefully. There would certainly need to be some good guidelines drawn up for advising. There are some serious issues with people that are very vulnerable to suggestion - for example I would really hesitate - and I am sure you would too - to suggest the credit card shuffle to some people who would never be able to keep track of it all. My wife has worked in community mental health services, and you would not believe the amount of money banks lend to people with severe mental difficulties - and the tab often has to be picked up by relations or the problem falls into the lap of social workers (Martin, there is an idea for you to make a great TV news story/documentary!)

This might mean that face to face, local work might be good too. I wonder if there is some scope for locally based projects. Moneysaving clubs? Local micro-credit banks? Money makeover tupperware parties? Local money saving advice versions of 'wife swap' :rolleyes: ? Any social entrepreneurs out there with some other ideas? Maybe the charity could fund some trainers/seed funding for anti-debt community groups. Martin, I guess you will have a much better idea of what is out there already; I just wonder if it is possible to have something grow/supported from the grass roots up, given the extraordinary network of people you have built up. Your online membership gives you something that any charity would die for - a group of constantly communicating, highly comitted individuals :j

I wonder if our collective power can be somehow be turned to some social good (beyond the fellowship, and transformation of our own finances, and advice, and all the other wonderful things that Martin and this online community does)

Tubster

thecornflake

I'd like to add to this as I've recently been looking to change careers into being an IFA.

There is one main qualification which is the Certificate of Financial Planning. However even after doing this IFAs-to-be will work for a group before srtiking out on their own. I believe to be officially an IFA you need 3 years experience as well as having the qualification although I could be getting confused with laywers.

The two main issues here and my personal views are -

1) Charging. You have to chagre in order to fund advertising, materials etc etc. Perhaps a percentage of the yearly amount saved with a min and max amount?

2) The legalities of giving advice. I think that you can legally give impartial advice with the CFP but I may be wrong. I'm not sure how the National Debt Helpline, CCCS etc cover this - surely all their telephone operators are not qualified IFAs?

lynzpower

At the end of the day I just dont think its viable to have advisors as others are describing, nor do I think that its neccsarily helpful.

Imagine the scenario of someone like me earning 25k and never having any money and 10k debts.

Am I expected to pay someone to tell me about the credit card shuffle, or snowballing to get out of debt? Or shopping around for cheaper suppliers, or scarily which bank acocunt I should have?

1) I just do not think that this is something that is viable to be chargable. Even if it was charged at the minimum wage you still are looking at over a fiver for one hour. So say mimmum 3 hours work. cost £15

2) say you recommend a company, then that co puts its prices up? Or goes bust? Or isnt actually as competitive in action as they looked on the website. Where theres blame, theres a claim, and defence arising from liquidated losses could be astronomical.

3)What if you cant actually find savings?

4) who are you targeting it at? Id suggest the poorer end of the market , those least able to pay

5) what about when this cheap bororwing comes to an end?Wont be quite as easy to find savings snowballing once the low LOBs and 0% CC disappear will it? SO what would you advise...?

6)how could you prove the advisors dont follow any specific supplier, or recommend one over another? Legal problems, slander, incorrect representations of companies and thier policies ( ie a comment like NTL is cheaper than BT could be wildly inaccurate, and thus open to legal challenge
HOw could a co protect themselves from such actions? ANd maintain independence & no favouritism?

I just think this idea (while Id love to do it for a living myself) is so fraught with problems, its just not worth thinking about it. Its not vastly different from life coaching, which I like the idea of, or the new all trendy concierge type services. HOwever, these are much more legally protected as its one person in a relationship with another.where the recipient is the employer. So the balance of power is different

also I do think what I love about MSE is the fact that it enables all us to take control and feel liberated from rip-off britain, and for someone to pay someone else to sort thier finances out for them in this sort of way, wont change ill-considered financial decisions, it will effectively take control from the individual to the representative, and this to me is its major downfall. ANd with all the legal holes all over it I guess, youd have to charge people a hell of a lot, and Im not sure who would provide insurance for such a .risky venture.

shohaib

Lucky as an international trade consultant, i dont have to use my brain a lot lol